Genex Power Ltd Stock Market Press Releases and Company Profile
Kidston Solar Phase One 50MW Update
Kidston Solar Phase One 50MW Update

Sydney, June 19, 2017 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) is pleased to provide shareholders with this latest update regarding the construction program for the Company's Phase One 50MW Kidston Solar Project (KSP1 or Project).

Genex is pleased to report that the construction of KSP1 continues to remain on-time and on-budget for anticipated first generation in Q4 2017 and Practical Completion in Q1 2018. Key activities since the last update (refer ASX announcement 15 May 2017) include:

- Continued installation of solar modules across the KSP1 site;

- Continued installation of the piles which form the base for the poles and frames upon which the solar panels are mounted;

- Continued installation of the NEXTracker module framing system which also includes the single axis tracking system for tracking the sun's movement and to ensure the modules capture optimal solar radiation levels;

- Completion of the Ergon Kidston switchyard civil works;

- Continuation of the Ergon Kidston electrical equipment installation works;

- Installation of the solar farm substation earth-grid; and

- Completion of site clearing.

Commenting on the continued successful progress of the Company's 50MW solar project, Managing Director of Genex Power, Michael Addison said:

"We are pleased to report that construction continues to remain on-time and on-budget. The project continues to tick off major milestones that will allow us to reach first generation by Q4 2017. The installation of panels is fantastic to see, depicting not only the rapid progression of the development but also the scale of the project.

With work progressing strongly on KSP1, the Company is now focussing on our Stage Two Projects being the integrated 270MW Solar and 250MW Pumped Hydro Projects. The recent announcement by the Queensland Government (refer Genex ASX announcement 05 June 2017), to fund a feasibility study into, amongst other pieces of infrastructure, the construction of a 275kV transmission line in Northern Queensland which incorporates Genex's Stage Two projects, has the potential to significantly de-risk these projects and enables us to accelerate development plans."

The Federal Government, through the Australian Renewable Energy Agency has provided $8.9 million funding to support the construction of the $126M Project at Genex's Kidston Solar Farm.

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About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.

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Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



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